Pharma and Biotech M&As 2026 Deal Watcher

The pharma and biotech M&A landscape in 2026 is off to a dynamic start. After a record‐setting 2025, where global pharma and biotech deal value topped approximately $240 billion, dealmaking enthusiasm is carrying into the new year. Companies are responding to patent expirations, pipeline gaps and broader investor confidence returning to the sector.

Pharma and Biotech M&A Transactions 2026

Liminatus Pharma to Acquire InnocsAI in $320M Stock Deal to Expand CAR-T Pipeline

Announcement Date: May 21, 2026

Details: Liminatus Pharma has entered into a definitive merger agreement to acquire InnocsAI, a biotech focused on CAR-T and antibody-based oncology therapies. The all-stock transaction has an implied value of approximately $320 million and adds a portfolio of oncology-focused biologic and cellular therapy assets, including CAR-T programs designed to address antigen escape, tumor heterogeneity and tumor microenvironment challenges.

Eli Lilly Acquires Engage Bio for Up to $202M to Advance Non-Viral Genetic Medicines

Announcement Date: May 20, 2026

Details: Eli Lilly has acquired Engage Biologics, a preclinical biotech developing non-viral DNA delivery technologies, for up to $202 million in cash, including an upfront payment and development milestone payments. Engage’s Tethosome platform is designed to improve potency, tolerability and redosability for non-viral DNA-based genetic medicines.

InMed Pharmaceuticals and Mentari Therapeutics Announce Merger to Advance Migraine Prevention Therapies

Announcement Date: May 19, 2026

Details: InMed Pharmaceuticals is inking an all-stock merger agreement with privately held Mentari Therapeutics. The combined company will operate as Mentari Therapeutics and trade on Nasdaq under a new ticker symbol. The deal includes a concurrent oversubscribed $290 million private placement, expected to fund operations through 2028, and will support Mentari’s migraine prevention pipeline, including MT-001, an anti-PACAP monoclonal antibody, and MT-002, an anti-CGRP x PACAP bispecific antibody.

Quince Therapeutics Acquires Orphai Therapeutics to Advance Pulmonary Pipeline

Announcement Date: May 18, 2026

Details: Quince Therapeutics has acquired Orphai Therapeutics, a clinical-stage biotech developing LAM-001, an inhaled formulation of rapamycin for pulmonary diseases including pulmonary hypertension associated with interstitial lung disease, bronchiolitis obliterans syndrome after lung transplant and sarcoidosis-associated pulmonary hypertension. The deal was structured as a stock-for-stock merger and was paired with a private placement of up to $187 million to support LAM-001 through multiple clinical milestones.

Angelini Pharma Acquires Catalyst Pharmaceuticals for $4.1B to Enter US Rare Disease Market

Announcement Date: May 7, 2026

Details: Angelini Pharma has agreed to acquire Catalyst Pharmaceuticals for approximately $4.1 billion, or $31.50 per share in cash. The acquisition marks Angelini’s entry into the US market and strengthens its brain health and rare disease portfolio. Catalyst markets several therapies for rare neuromuscular and neurological diseases, including Firdapse (amifampridine phosphate) for Lambert-Eaton myasthenic syndrome, Agamree (vamorolone) for Duchenne muscular dystrophy and Fycompa (perampanel) for seizures. The transaction is expected to close in the third quarter of 2026.

Roche Acquires PathAI for Up to $1.05B to Advance AI-Powered Diagnostics

Announcement Date: May 7, 2026

Details: Roche has entered into a definitive merger agreement to acquire PathAI, a Boston-based digital pathology and AI technology company, for $750 million upfront and up to $300 million in milestone payments. PathAI’s AI-enabled pathology tools will become part of Roche’s Diagnostics division, building on an existing partnership between the companies. Roche says the deal will support AI-driven pathology workflows, companion diagnostics, biomarker discovery and biopharma services. The acquisition is expected to close in the second half of 2026.

Bayer Acquires Perfuse Therapeutics for Up to $2.45B to Expand Ophthalmology Pipeline

Announcement Date: May 6, 2026

Details: Bayer has agreed to fully acquire Perfuse Therapeutics in a deal valued at up to $2.45 billion, including $300 million upfront and additional development, regulatory and commercial milestone payments. Perfuse is developing PER-001, an investigational small molecule endothelin receptor antagonist delivered by intravitreal implant for ischemia-induced ocular diseases, including glaucoma and diabetic retinopathy. The acquisition strengthens Bayer’s ophthalmology pipeline and adds a potential disease-modifying approach for major causes of vision loss.

Pathos AI Acquires Majority Stake in DeuterOncology to Advance AI-Identified Oncology Asset

Announcement Date: May 6, 2026

Details: Pathos AI has acquired a majority stake in DeuterOncology, a Belgium-based company developing DO-2, a third-generation MET kinase inhibitor for patients with MET-altered cancers. Pathos said the asset was identified and evaluated through its AI-powered Foundry platform, which analyzes clinical, scientific and proprietary datasets to identify high-potential oncology assets. Financial terms of the deal were not disclosed. DeuterOncology reported promising Phase I data for DO-2, with tumor shrinkage observed in all evaluable MET exon 14 skipping NSCLC patients without other oncogenic drivers who reached efficacious exposure, including two partial responses. The company highlighted DO-2’s tolerability, reporting only one case of grade 1 peripheral edema, and said it has started an expansion cohort in selected first-line MET exon 14 skipping NSCLC patients using a 60 mg once-daily regimen.

UCB Acquires Candid Therapeutics for Up to $2.2B to Build T Cell Engager Immunology Pipeline

Announcement Date: May 3, 2026

Details: UCB has agreed to acquire Candid Therapeutics in a deal valued at up to $2.2 billion, including $2 billion upfront and up to $200 million in milestone payments. Candid is developing T cell engager therapies for autoimmune and inflammatory diseases. Its lead asset, cizutamig, is a BCMAxCD3 bispecific antibody being evaluated across multiple autoimmune indications and designed to deplete pathogenic plasma cells and B cells while limiting cytokine release. The transaction is expected to close by the end of the second quarter or early in the third quarter of 2026.

ARCHIMED Acquires Esperion Therapeutics for Up to $1.1B

Announcement Date: May 1, 2026

Details: Healthcare investment firm ARCHIMED has agreed to acquire Esperion Therapeutics in a transaction valued at up to approximately $1.1 billion. Esperion shareholders will receive $3.16 per share in cash at closing, plus the right to participate in up to $100 million in aggregate contingent milestone payments tied to future net sales performance. Esperion markets oral, once-daily non-statin LDL-C lowering therapies Nexletol (bempedoic acid) and Nexlizet (bempedoic acid and ezetimibe) and recently expanded its portfolio with Enbumyst (bumetanide). Following completion, Esperion will become a privately held company.

LEO Pharma Acquires Replay Gene Therapy Platform to Expand Rare Dermatology Pipeline

Announcement Date: April 30, 2026

Details: LEO Pharma has entered into a definitive agreement to acquire Replay, a gene therapy company focused on rare genetic dermatological conditions. The acquisition adds Replay’s high-payload herpes simplex virus (HSV) gene therapy platform to LEO Pharma’s pipeline. The lead program is in preclinical development for dystrophic epidermolysis bullosa, a rare genetic skin disease associated with fragile skin, chronic wounds and significant unmet need. Financial terms were not disclosed.

Chiesi Group Acquires KalVista Pharmaceuticals for $1.9B to Expand Rare Disease Portfolio

Announcement Date: April 29, 2026

Details: Chiesi Group has agreed to acquire KalVista Pharmaceuticals for $27 per share in cash, representing an equity value of approximately $1.9 billion. The deal adds sebetralstat, KalVista’s oral, on-demand therapy for hereditary angioedema, to Chiesi’s rare immunology portfolio. Chiesi said the transaction is its largest acquisition to date by value and reflects its long-term strategy in rare diseases. The transaction is expected to close in the third quarter of 2026.

Teva Acquires Emalex Biosciences for Up to $900M to Strengthen Neuroscience Pipeline

Announcement Date: April 29, 2026

Details: Teva Pharmaceuticals has agreed to acquire Emalex Biosciences, adding ecopipam, an investigational therapy for pediatric Tourette syndrome. Under the agreement, Emalex shareholders will receive $700 million in cash at closing and may receive up to $200 million in commercial milestone payments, plus net sales-based royalties. Ecopipam is a first-in-class selective dopamine D1 receptor antagonist with FDA Orphan Drug and Fast Track designations, and Teva said an NDA submission is anticipated in the second half of 2026.

Eli Lilly Acquires Ajax Therapeutics for Up to $2.3B to Advance JAK2 Inhibitor for Blood Cancers

Announcement Date: April 27, 2026

Details: Eli Lilly has purchased Ajax Therapeutics in a deal valued at up to $2.3 billion in cash, including upfront and milestone-based payments. Ajax is developing AJ1-11095, a once-daily oral Type II JAK2 inhibitor in Phase I testing for myelofibrosis in patients previously treated with a Type I JAK2 inhibitor. Lilly said the acquisition builds on its capabilities in blood cancers and could provide a differentiated treatment option for myeloproliferative neoplasms, including myelofibrosis and polycythemia vera.

Sun Pharma Acquires Organon for $11.75B to Expand Women’s Health and Biosimilars Footprint

Announcement Date: April 26, 2026

Details: Sun Pharmaceutical Industries has signed on to acquire Organon for $14 per share in cash, valuing the deal at approximately $11.75 billion in enterprise value. Organon’s portfolio includes more than 70 products across women’s health, general medicines and biosimilars, commercialized in more than 140 countries. Sun Pharma said the combined company would rank among the top 25 global pharmaceutical companies by revenue, become a top three global women’s health company and establish Sun as a top 10 global biosimilars player. The transaction is expected to close in early 2027.

Amneal Acquires Kashiv BioSciences for Up to $1.1B to Build Global Biosimilars Platform

Announcement Date: April 22, 2026

Details: Amneal Pharmaceuticals will be taking over 100% of Kashiv BioSciences in a transaction that includes $375 million in cash, $375 million in equity at closing and up to $350 million in potential regulatory milestone payments. Kashiv brings end-to-end biosimilars capabilities across development and manufacturing. Amneal said the deal will create a scaled, fully integrated global biosimilars platform as more than $300 billion in biologics are expected to lose exclusivity over the next decade. The transaction is expected to close in the second half of 2026.

Eli Lilly Acquires Kelonia Therapeutics for Up to $7B to Advance In Vivo CAR-T Cell Therapies

Announcement Date: April 20, 2026

Details: Eli Lilly will be dishing out $7 billion to acquire Kelonia Therapeutics. The deal includes $3.25 billion upfront and additional clinical, regulatory and commercial milestone payments. Kelonia is developing an in vivo gene placement system designed to generate CAR-T cells inside the body, potentially reducing the complexity of traditional ex vivo CAR-T manufacturing. Its lead program, KLN-1010, is an investigational in vivo anti-BCMA CAR-T therapy in Phase I testing for relapsed/refractory multiple myeloma.

UCB Acquires Neurona Therapeutics for Up to $1.15B to Expand Epilepsy Pipeline

Announcement Date: April 17, 2026

Details: UCB has agreed to acquire Neurona Therapeutics in a deal valued at up to $1.15 billion, consisting of $650 million upfront and up to $500 million in milestone payments. Neurona’s lead asset, NRTX-1001, is a neuronal cell therapy being evaluated in Phase I/II clinical trials for drug-resistant mesial temporal lobe epilepsy. UCB said the acquisition expands its epilepsy portfolio into regenerative medicine and advanced therapies, with NRTX-1001 designed as a one-time treatment to restore inhibitory neural circuitry.

Eli Lilly Acquires CrossBridge Bio for Up to $300M to Advance Dual-Payload ADC Platform

Announcement Date: April 14, 2026

Details: Eli Lilly has entered into a definite agreement to acquire CrossBridge Bio, a Houston-based preclinical biotechnology company developing next-generation dual-payload antibody-drug conjugates. CrossBridge shareholders may receive up to $300 million in cash, including upfront consideration and a development milestone. The acquisition adds CBB-120, a TROP2-targeting TOP1i/ATRi dual-payload ADC designed to improve durability and address resistance mechanisms in cancer. An IND application for CBB-120 is anticipated in 2026.

Gilead Acquires Tubulis for Up to $5B to Strengthen ADC Oncology Pipeline

Announcement Date: April 7, 2026

Details: Gilead Sciences will be acquiring German biotech Tubulis for up to $5 billion, including $3.15 billion upfront and up to $1.85 billion in milestone payments. The acquisition adds TUB-040, a NaPi2b-targeting antibody-drug conjugate being developed for ovarian cancer and other solid tumors, as well as Tubulis’ broader ADC platform. Gilead said the deal will expand its ADC capabilities and strengthen its oncology pipeline. Update: the acquisition was completed on May 21, 2026.

Neurocrine Biosciences Acquires Soleno Therapeutics for $2.9B to Expand Rare Disease Portfolio

Announcement Date: April 6, 2026

Details: Neurocrine Biosciences has agreed to acquire Soleno Therapeutics for $53 per share in cash, representing a total equity value of approximately $2.9 billion. The deal adds Vykat XR (diazoxide choline), the first FDA-approved treatment for hyperphagia in adults and pediatric patients aged four years and older with Prader-Willi syndrome. Vykat XR generated $190 million in 2025 revenue following its US launch, and Neurocrine said the acquisition expands its endocrinology and rare disease portfolio.

Cyclerion Therapeutics and Korsana Biosciences Merge to Advance Neurodegenerative Disease Pipeline

Announcement Date: April 1, 2026

Details: Cyclerion Therapeutics and privately held Korsana Biosciences have entered into a definitive all-stock merger agreement. The combined company will operate as Korsana Biosciences and focus on neurodegenerative disease therapies, including KRSA-028, a next-generation shuttled antibody targeting amyloid beta for Alzheimer’s disease. The transaction is supported by an approximately $380 million private financing expected to fund operations into 2029 and through multiple clinical milestones.

Biogen Acquires Apellis Pharmaceuticals for $5.6B to Strengthen Immunology and Rare Disease Portfolio

Announcement Date: March 31, 2026

Details: Biogen is acquiring Apellis Pharmaceuticals for approximately $5.6 billion in cash, offering $41 per share plus a CVR of up to $4 per share tied to future sales milestones for Syfovre (pegcetacoplan). The acquisition gives Biogen rights to Apellis’ commercially established C3 complement inhibitors Syfovre (pegcetacoplan injection), approved for geographic atrophy secondary to age-related macular degeneration, and Empaveli (pegcetacoplan), for paroxysmal nocturnal hemoglobinuria (PNH) and rare complement-mediated kidney diseases. Both products are built on Apellis’ C3 complement inhibition platform, which targets upstream immune system activation and has applications across ophthalmology, nephrology and hematology. Combined, Syfovre and Empaveli generated approximately $689 million in net product revenue in 2025, with expectations for continued mid-to-high teens growth through at least 2028. Apellis brings an established US commercial infrastructure and expertise in complement biology, which Biogen expects will support the future launch of felzartamab, its Phase III kidney disease candidate. The transaction is expected to close in the second quarter of 2026.

Eli Lilly Acquires Centessa Pharmaceuticals for up to $7.8B for Sleep-Wake Disorder Pipeline

Announcement Date: March 31, 2026

Details: Eli Lilly and Company announced a definitive agreement to acquire Centessa Pharmaceuticals in a deal valued at up to $7.8 billion, comprising $38 per share in cash upfront and a CVR of up to $9 per share tied to regulatory milestones. The acquisition centers on Centessa’s lead asset, cleminorexton (ORX750), an oral orexin receptor 2 (OX2R) agonist being developed for sleep-wake disorders, including narcolepsy type 1, narcolepsy type 2 and idiopathic hypersomnia. Cleminorexton has shown promising Phase IIa clinical data, with early evidence of rapid improvements in wakefulness and excessive daytime sleepiness, positioning it as a potential best-in-class therapy in the emerging orexin agonist class. The broader Centessa pipeline includes additional OX2R candidates aimed at neurological, neurodegenerative and neuropsychiatric conditions. The acquisition marks Lilly’s major entry into sleep medicine, expanding beyond its core metabolic and neuroscience franchises. Analysts have noted that orexin-based therapies could represent a multi-billion-dollar opportunity, particularly as no approved disease-modifying treatments currently exist for several sleep disorders. The transaction is expected to close in the third quarter of 2026.

Otsuka Acquires Transcend Therapeutics for Up to $1.23B to Expand Psychiatry and Neurology Portfolios

Announcement Date: March 27, 2026

Details: Otsuka Pharmaceutical has struck an agreement with Transcend Therapeutics to acquire the company in a deal valued at up to $1.23 billion, consisting of $700 million upfront and up to $525 million in contingent milestone payments tied to future sales. The acquisition brings Transcend’s lead asset, TSND-201 (methylone), into Otsuka’s neuroscience portfolio. TSND-201 is a rapid-acting, non-hallucinogenic neuroplastogen being developed for post-traumatic stress disorder (PTSD). TSND-201 has demonstrated rapid and durable symptom improvement in Phase II clinical testing. The therapy is designed to enhance neuroplasticity without activating hallucinogenic pathways, differentiating it from psychedelic-class compounds while still aiming to reset maladaptive neural circuits involved in trauma response. The acquisition significantly strengthens Otsuka’s psychiatric and neurological franchise, an area the company has long prioritized, and complements its broader efforts to develop next-generation treatments for conditions with high unmet need such as schizophrenia, bipolar disorder and depression. The transaction is expected to close in the second quarter of 2026.

Merck Acquires Terns Pharmaceuticals for $6.7B to Expand Hematology with TERN-701

Announcement Date: March 25, 2026

Details: Merck has announced a definitive agreement to acquire Terns Pharmaceuticals for approximately $6.7 billion in cash, paying $53.00 per share in an all-cash transaction. The deal centers on TERN-701, a clinical-stage, oral allosteric BCR::ABL1 tyrosine kinase inhibitor being developed for chronic myeloid leukemia (CML), a blood cancer driven by the BCR::ABL1 fusion protein. TERN-701 is designed to bind to the ABL myristoyl pocket, offering a differentiated mechanism of action compared to first- and second-generation TKIs, with the potential for improved efficacy, safety and convenience in patients who have relapsed or are intolerant to existing therapies. Early clinical data from Phase I/II studies have shown promising molecular response rates and a manageable safety profile, including durable responses in heavily pretreated patients. The acquisition strengthens Merck’s hematology franchise as it continues to diversify beyond its oncology cornerstone, Keytruda (pembrolizumab), which faces core patent expirations in 2028. The transaction is expected to close in the second quarter of 2026.

Gilead Acquires Ouro Medicines for $2.2B to Advance First-in-Class T Cell Engager in Autoimmune Disease

Announcement Date: March 23, 2026

Details: Gilead Sciences announced it will acquire Ouro Medicines in a deal valued at approximately $2.2 billion, including $1.68 billion upfront in cash and up to $500 million in milestone payments. The acquisition centers on OM336 (gamgertamig), a clinical-stage BCMAxCD3 bispecific T cell engager designed to achieve deep and rapid immune cell depletion through a short-course, subcutaneous treatment regimen. The therapy is being developed for severe B-cell-mediated autoimmune diseases, including immune thrombocytopenia (ITP) and autoimmune hemolytic anemia (AIHA), where early clinical data have shown promising efficacy and a differentiated safety profile. The deal marks Gilead’s first entry into T cell engager therapies for autoimmune disease, expanding its inflammation and immunology franchise beyond its established oncology and virology businesses. Gilead is also expected to collaborate with Galapagos NV on development and cost-sharing for OM336.

Novartis Acquires Pan-Mutant Selective PI3Kα Inhibitor to Strengthen Breast Cancer Pipeline for $3B

Announcement Date: March 20, 2026

Details: Novartis is snapping up SNV4818, a pan-mutant selective PI3Kα inhibitor, from Synnovation Therapeutics in a deal valued at up to $3 billion ($2 billion upfront and up to $1 billion in milestone payments). The acquisition centers on the next-generation oral targeted therapy designed for patients with hormone receptor-positive, HER2-negative (HR+/HER2−) breast cancer, a subtype in which approximately 40% of patients carry PIK3CA mutations that drive disease progression and resistance to endocrine therapy. SNV4818 is designed to selectively target mutated PI3Kα while sparing the wild-type enzyme found in healthy cells, a key differentiator from earlier-generation PI3K inhibitors that have been limited by toxicity and tolerability issues. Early clinical and preclinical data suggest the approach may enable more durable pathway inhibition, improved safety and better compatibility in combination regimens, particularly with endocrine therapies and CDK4/6 inhibitors. The acquisition strengthens Novartis’ long-standing leadership in breast cancer, complementing existing assets such as Piqray (alpelisib) and Kisqali (ribociclib).

Esperion Therapeutics Acquires Corstasis Therapeutics to Expand Cardiovascular Franchise

Announcement Date: March 3, 2026

Details: Ann Arbor, Michigan-based Esperion Therapeutics has acquired Henderson, Nevada-based Corstasis Therapeutics in a deal valued at $75 million upfront, with up to $180 million in additional regulatory and commercial milestone payments, plus royalties on future sales. The acquisition brings Enbumyst (bumetanide nasal spray), the first and only FDA-approved nasal spray loop diuretic, into Esperion’s portfolio. Enbumyst, approved in 2025, is designed to treat edema associated with congestive heart failure, as well as hepatic and renal disease, offering a self-administered, outpatient alternative that may bridge the gap between oral and intravenous diuretics. The therapy targets a large and growing patient population, with heart failure affecting millions globally and edema remaining a major driver of hospitalizations. The deal strengthens Esperion’s cardiovascular and cardiometabolic franchise, leveraging its existing commercial infrastructure to accelerate uptake and support sustained revenue growth. The transaction closed on April 2, 2026, with Corstasis becoming a wholly owned subsidiary of Esperion.

Asahi Kasei Acquires AiCuris for €780M to Expand Infectious Disease Portfolio

Announcement Date: February 26, 2026

Details: Japanese multinational, multi-division technology company Asahi Kasei purchased German biotech AiCuris Anti-infective Cures AG for approximately €780 million (~$920 million), gaining full ownership of the company through its US subsidiary Veloxis Pharmaceuticals. The deal brings AiCuris’ portfolio of antiviral therapies targeting severe infectious diseases, particularly in immunocompromised patients such as those undergoing organ or stem cell transplants, into Asahi Kasei’s pipeline. AiCuris’ assets are designed to address critical viral infections with limited treatment options, complementing Asahi Kasei’s existing presence in transplant and nephrology through subsidiaries like Veloxis and Calliditas, respectively. The transaction was completed on April 20, 2026.

GSK Acquires 35Pharma for $950M for Cardiopulmonary Candidate

Announcement Date: February 25, 2026

Details: GSK acquired Montreal, Canada-based 35Pharma for $950 million in cash, securing 100% of the company’s equity. The deal centers on HS235, a clinical-stage, protein-based therapeutic targeting the activin receptor signaling pathway for the treatment of cardiopulmonary diseases including pulmonary hypertension (PH), a serious and often life-threatening condition with limited treatment options. HS235 has completed Phase I trials and is expected to advance into studies in pulmonary arterial hypertension and related conditions. The therapy is designed to offer a differentiated safety profile, with the potential to reduce risks such as bleeding and other adverse effects seen with current treatments, while also showing early signs of metabolic benefits, including improved insulin sensitivity. The acquisition strengthens GSK’s respiratory, immunology and inflammation portfolio. The transaction was completed on April 15, 2026, following regulatory approvals.

Gilead Acquires Arcellx for $7.8B to Strengthen CAR-T Portfolio

Announcement Date: February 23, 2026

Details: Gilead Sciences announced it will acquire Arcellx in a deal valued at approximately $7.8 billion, paying $115 per share in cash plus a $5 contingent value right (CVR) tied to future sales milestones. The acquisition centers on anitocabtagene autoleucel (anito-cel), a BCMA-targeting CAR-T cell therapy for relapsed or refractory multiple myeloma that Gilead has been co-developing with Arcellx through its Kite Pharma unit. Anito-cel has shown deep and durable responses in clinical trials and is currently under regulatory review, with the potential to become a foundational treatment in multiple myeloma and expand into earlier lines of therapy. The deal builds on an existing 2022 collaboration between the companies and gives Gilead full control over development, manufacturing and commercialization. Strategically, the acquisition reflects Gilead’s continued push into oncology and cell therapy, particularly as it looks to scale its CAR-T franchise and compete more directly with rivals in multiple myeloma. The transaction is expected to close in the second quarter of 2026.

Lilly Acquires Orna Therapeutics for $2.4B to Advance Cell Therapies

Announcement Date: February 9, 2025

Details: Eli Lilly has announced it will acquire Orna Therapeutics for $2.4 billion in cash. The deal brings Orna’s novel in vivo CAR-T platform, which uses circular RNA and lipid nanoparticles to program a patient’s cells to produce therapy internally, into Lilly’s pipeline. The technology is early stage, but Orna already has “clinical-trial ready” assets, according to Lilly. Orna’s lead program is ORN-252, a CD19-targeting CAR-T therapy designed to treat B cell-driven autoimmune diseases. Lilly also said experimental data so far suggest that Orna’s circular RNA platform enables longer-lasting therapeutic protein expression, opening the door to treatments beyond the reach of current RNA and cell therapy technologies.

GSK Acquires RAPT Therapeutics for $2.2B to Bolster Immunology Pipeline

Announcement Date: January 20, 2026 (acquisition completed March 3, 2026)

Details: GSK has revealed it will acquire California-based RAPT Therapeutics in an all-cash deal valued at approximately $2.2 billion. The acquisition brings RAPT’s lead asset, ozureprubart, a long-acting anti-immunoglobulin E (IgE) monoclonal antibody, into GSK’s pipeline. Currently in Phase IIb development, ozureprubart is being evaluated for the prophylactic treatment of food allergies, targeting IgE-mediated immune responses that drive severe allergic reactions. The therapy is designed for once-every-12-week dosing, compared to existing anti-IgE treatments that require injections every two to four weeks, potentially improving patient adherence and expanding access to the roughly 25% of patients who are ineligible for current therapies. GSK says the acquisition adds to its respiratory, immunology and inflammation pipeline. The transaction closed on March 3, 2026, with RAPT becoming a wholly owned subsidiary of GSK.

Worldwide Clinical Trials Purchases Catalyst for Almost $500M to Scale Oncology and FSP Services

Announcement Date: January 20, 2026

Details: Worldwide Clinical Trials, a global contract research organization (CRO) backed by private equity firm Kohlberg, has agreed to purchase Catalyst Clinical Research, a specialized CRO known for its expertise in early-phase oncology trials and functional service provider (FSP) capabilities. Under the deal, valued at almost $500 million and expected to close in the first quarter of 2026, Catalyst’s leadership will join Worldwide’s board and executive team, while its Catalyst Oncology and Catalyst Flex offerings will be integrated into Worldwide’s service portfolio. The acquisition aims to bolster Worldwide’s oncology trial capabilities, expand its global footprint and enhance its ability to deliver full-service, FSP and hybrid resourcing models. 

Hippocratic AI Strengthens Life Sciences Leadership Through Grove AI Acquisition

Announcement Date: January 12, 2026

Details: Hippocratic AI is strengthening its position in the life sciences sector through the acquisition of Grove AI and a series of strategic executive appointments. The deal enhances Hippocratic AI’s capabilities in deploying generative AI solutions tailored to healthcare and life sciences, expanding its reach across pharmaceutical, biotech and clinical research organizations. By integrating Grove AI’s technology and expertise, the company says it aims to accelerate the adoption of specialized, safety-focused AI across biopharma and medtech designed to support patient engagement, medical affairs and other healthcare functions. Alongside the deal, the company launched a dedicated life sciences division and appointed a president and advisory council. While the financial terms of the deal were not disclosed, Hippocratic AI reached a $3.5 billion valuation in November 2025 following a $126 million Series C funding round.

Verana Health and COTA Merge in $52M Deal to Build a Real-World Data Powerhouse in Oncology and Beyond 

Announcement Date: January 8, 2026

Details: Verana Health is merging with COTA, Inc., combining their real-world data (RWD) and AI-enabled technology capabilities to create a significantly expanded RWD provider for clinical research across multiple therapeutic areas. Verana said the combined company will now offer deeper, research-ready insights to life sciences organizations, including access to data from over 95 million patients and more than 20,000 clinicians, along with strengthening its service relationships with top global biopharma firms. COTA’s oncology-focused datasets complement Verana’s existing offerings in ophthalmology, urology and neurology. The merger includes a $52 million equity investment to position the new entity as a leading partner for accelerating evidence generation and improving patient care across specialties.